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Investing.com — Shares of special purpose acquisition company (SPAC) firm CF Acquisition Corp VI (NASDAQ:CFVI) have rallied Thursday, up over 9% to $10.64 in the last hour of the session.
The shares initially hit a high of $14.38 in response to news that it will take video platform Rumble public in a deal valuing the company at approximately $2.1 billion.
The deal is expected to contribute approximately $400 million in proceeds to Rumble, including a fully committed PIPE of $100 million at $10 per share and $300 million of cash held in the trust account of CFVI.
Rumble, described as a neutral video platform and an alternative to YouTube, said it had 44 million monthly active users in August 2021 and grew from 1.6 million average monthly active users in Q3 2020 to 36 million average monthly active users in the third quarter this year.
Chris Pavlovski, Founder and CEO of Rumble, explained: “Rumble is designed to be the rails and independent infrastructure that is immune to cancel culture. We are a movement that does not stifle, censor, or punish creativity and believe everyone benefits from access to a neutral network with diverse ideas and opinions.
“We are on a mission to restore the internet to its roots by making it free and open once again. The transaction we announced today will provide Rumble with the additional capital necessary to continue to scale our business and carry out our mission.”
The transaction is expected to close in Q2 2022. Cantor Fitzgerald is acting as financial and capital markets advisor to CFVI.
